PHP error - Deprecated: Function ereg_replace() is deprecated

Yes, they need to be changed, but it's not as simple as changing the function name. How many occurrences do you have? It's pretty quick for me to convert them:

$imagesml = ereg_replace ( '.jpg', '_med.jpg',  $row_view_tbl["image1"]);
$imagesml = preg_replace ( '/\.jpg/', '_med.jpg',  $row_view_tbl["image1"]); #Escaped the . to treat it as a literal period rather than a wilcard


$temps[$j] = ereg_replace ( '.jpg', '_sml.jpg', $temp[$j]);
$temps[$j] = preg_replace ( '/\.jpg/', '_sml.jpg', $temp[$j]); #Escaped the . to treat it as a literal period rather than a wilcard

Note the eregi_replace function is affected too.

I am not recommending this as  along-term strategy, but you can also turn off the Deprecated messages.  That might be a good solution short term.

Add this to the top of your script:

error_reporting(E_ALL ^ E_DEPRECATED);

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Since this message is occurring as a byproduct of a PHP upgrade migration, you may want to know about other PHP upgrade issues.  These articles cover a couple of the issues.
https://www.experts-exchange.com/Web_Development/Web_Languages-Standards/PHP/A_6630-Magic-Quotes-a-bad-idea-from-day-one.html
https://www.experts-exchange.com/Web_Development/Web_Languages-Standards/PHP/A_7317-Register-Globals-a-bad-idea-from-day-one.html

PHP also has migration guides on the web site.  See the pages linked from this (left sidebar).
http://us.php.net/migration54

Thanks for your feedback, I probably have about 100 occurrences throughout my website.
If I set  error_reporting to hide the messages I am assuming that the ereg_replace will still work, is that correct and if so for how long?

100 occurrences doesn't take long to convert - feel free to post them.

Thanks for your help, much appreciated.
I have about 100 occurrences but most are the same repeated throught the site so really I just have 5 similar ones which are shown below.

$imagesml = "/".ereg_replace ( '.jpg', '_swg.jpg',  $row_view_photos1["image1"]);
$image1 = ereg_replace ( '.jpg', '_swg.jpg',  $image1);
$imagesml1 = ereg_replace ( '.jpg', '_sml.jpg',  $row_view_tbl["image1"]);
$release = ereg_replace('^([[:digit:]]+\.[[:digit:]]+).*', '\1', $parts[2]);
$release = ereg_replace('-.*', '', $parts[2]);